# Euro trades flat as US midterms and US-Iran developments keep traders cautious

> EUR/USD traded little changed near 1.1139 as traders watched the US midterm elections and US-Iran negotiations. Oil prices were volatile on unconfirmed reports of concessions over Iran's nuclear programme and frozen funds, and on a reported US strike on Iran's Qeshm Island. Markets priced a 75% chance of another Fed rate hike in December.

- Date: 2026-11-03 · published 2026-11-03T15:37:31.447Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/78005-euro-trades-flat-as-us-midterms-and-us-iran-developments-keep-traders-cautious
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Geopolitical swings in crude keep energy costs and inflation expectations volatile, which feeds into feed-ingredient and freight costs. Expectations of further Fed tightening support the dollar and weigh on dollar-denominated grain and oilseed prices.

## Read by commodity

- DXY: bullish ▲
- WTI: neutral
- BRENT: neutral
- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2025-09-30 | [Euro Firms as Inflation Data Backs Rate Caution](https://feedsoft.ai/events/23094-euro-firms-as-inflation-data-backs-rate-caution.md) | -0.2% | -0.6% |
| EURUSD | 2026-04-30 | [Traders temper euro zone rate hike bets as ECB grapples with Iran war impact \| MarketScreener](https://feedsoft.ai/events/19944-traders-temper-euro-zone-rate-hike-bets-as-ecb-grapples-with-iran-war-impact.md) | +0.5% | -0.4% |
| EURUSD | 2024-08-30 | [FX Daily: US and eurozone inflation in focus \| articles \| ING THINK](https://feedsoft.ai/events/29011-fx-daily-us-and-eurozone-inflation-in-focus-articles-ing-think.md) | 0.0% | +0.7% |
| EURUSD | 2021-02-09 | [Euroflation: the EUR reflation trade and its market implications \| articles \| ING THINK](https://feedsoft.ai/events/48857-euroflation-the-eur-reflation-trade-and-its-market-implications-articles-ing.md) | +0.5% | -1.3% |
| EURUSD | 2024-09-12 | [ECB dents traders' hopes for October rate cut](https://feedsoft.ai/events/28527-ecb-dents-traders-hopes-for-october-rate-cut.md) | +0.9% | -0.6% |
| DXY | 2018-07-18 | [Rand weaker after upbeat Fed; traders cautious before CPI - Moneyweb](https://feedsoft.ai/events/64328-rand-weaker-after-upbeat-fed-traders-cautious-before-cpi-moneyweb.md) | +0.0% | +1.3% |
| DXY | 2025-04-15 | [Dollar gains on euro, yen, but tariffs keep investors cautious \| Reuters](https://feedsoft.ai/events/7251-dollar-gains-on-euro-yen-but-tariffs-keep-investors-cautious-reuters.md) | -1.1% | -0.1% |
| DXY | 2023-05-23 | [Dollar higher as U.S. debt ceiling concerns keep traders nervous](https://feedsoft.ai/events/36173-dollar-higher-as-u-s-debt-ceiling-concerns-keep-traders-nervous.md) | +0.4% | -1.1% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/euro-trades-flat-as-us-midterms-and-us-iran-developments-keep-traders-cautious-202611031506

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.